Santa Barbara, CA - Freshest New Home Sales Numbers Give Hints Market Gain Subsiding
Posted on: May 07, 2012 09:44:33 AM
There was a rise in sales of new homes in the Santa Barbara, CA market in February year-over-year, but the increase was less than January 2012. New home sales moved from three a year earlier to 12 after the figure moved from two in January 2011 to 10 in January 2012.
A total of 88 new homes were sold during the 12 months that ended in February, up from 79 for the year that ended in January.
New home sales were 12 of the 346 total sales, up on a percentage basis from three of 304 a year earlier. Following a year-over-year increase in January, sales of new and existing homes also increased year-over-year in February.
Advertisement
Pricing and Mortgage Trends
The average per-unit price of new homes was $258,761, compared with $824,833 last year. This followed a 34.0% decline in January from a year earlier.
The average mortgage size moved to $258,075, down from last year's $308,500. Average mortgage size on new homes went from $502,522 in January 2011 to $307,280 in January 2012. The overall percentage of sale price that was being financed climbed 62.3 percentage points year-over-year to 99.7% in February 2012. In January 2012, there was a 6.9 percentage point decline in January from a year earlier.
Santa Barbara, CA - Freshest New Home Sales Numbers Give Hints Market Gain Subsiding
Posted on: May 07, 2012 09:44:33 AM
There was a rise in sales of new homes in the Santa Barbara, CA market in February year-over-year, but the increase was less than January 2012. New home sales moved from three a year earlier to 12 after the figure moved from two in January 2011 to 10 in January 2012.
A total of 88 new homes were sold during the 12 months that ended in February, up from 79 for the year that ended in January.
New home sales were 12 of the 346 total sales, up on a percentage basis from three of 304 a year earlier. Following a year-over-year increase in January, sales of new and existing homes also increased year-over-year in February.
Pricing and Mortgage Trends
The average per-unit price of new homes was $258,761, compared with $824,833 last year. This followed a 34.0% decline in January from a year earlier.
The average mortgage size moved to $258,075, down from last year's $308,500. Average mortgage size on new homes went from $502,522 in January 2011 to $307,280 in January 2012. The overall percentage of sale price that was being financed climbed 62.3 percentage points year-over-year to 99.7% in February 2012. In January 2012, there was a 6.9 percentage point decline in January from a year earlier.
Other Market Trends
As a share of new home sales, single-family home sales have risen from last year while the share belonging to attached units has fallen. Single-family home sales made up 11 of 12 new home sales after accounting for two of three a year earlier. Meanwhile, attached units made up one of 12 new home sales after making up one of three sales a year earlier.
Foreclosures and real estate owned (REO) sales stayed a drag on the market. Combined, foreclosures plus REO sales made up 54.2% of existing home sales. In February 2011, they represented 57.1%. The percentage of existing home sales involving foreclosures dipped to 27.5% in February from 34.6% a year earlier while REO sales as a percentage of existing home sales rose to 26.6% from 22.6%.
Please refer to the ABOUT THIS MSA tab to learn more about geographic coverage and data availability in this market area.
Source: Housing Intelligence